There may be trouble ahead for Pompey

08 June 2010 04:13
Embattled Portsmouth are facing another hammer blow with HM Revenue and Customs set to reject the club's repayment offer to creditors.[LNB] A vote on the 20p in the pound offer will be taken at a creditors meeting on June 17 and HMRC - who claim they are owed £35million - will seek a better offer.[LNB]A statement from HMRC said: "HMRC is determined to achieve a fair deal for the taxpayer."[LNB]The opposition from HMRC would seriously threaten Portsmouth's chances of securing a company voluntary arrangement (CVA) which would enable them to come out of administration and avoid any further points deductions next season.[LNB]The club needs 75% of creditors to vote in favour of the 20p deal and Portsmouth's administrator Andrew Andronikou claims that HMRC only hold 21% of the vote.[LNB]Andronikou said: "I have heard nothing formal about HMRC's voting intentions.[LNB]"According to my calculations they would not be able to block the deal - we are working with all the creditors to achieve the best result for everybody."[LNB]Andronikou believes the HMRC should only be claiming £21million and that the other £14million relates to image rights and is challengeable, and that on that basis they would not be able to block the CVA deal.[LNB]HMRC have not completely ruled out voting in favour of the deal - but they would need to be convinced that it remains the only possible option to recoup some funds for the taxpayer.[LNB]As things stand, they believe they can get some more money back from the club.

Source: Team_Talk